Indexes inch back upward, tech stocks rise

NEW YORK >> After a shaky start, U.S. stocks finished mostly higher Wednesday as technology and industrial companies rose. Banks fell with interest rates as the market came off its biggest loss in five months.

The Standard & Poor’s 500 index picked up 4.43 points, or 0.2 percent, to 2,348.45. Nike dragged down the Dow Jones industrial average, which fell 6.71 points to 20,661.30. The Nasdaq composite rose 27.82 points, or 0.5 percent, to 5,821.64. The Russell 2000 index of smaller companies sank 0.95 points, or 0.1 percent, to 1,345.60.

Apple gained $1.58, or 1.1 percent, to $141.42 and Microsoft rose 82 cents, or 1.3 percent, to $65.03 while chipmaker Nvidia added $2.16, or 2 percent, to $108.07. The S&P 500’s technology index is up 11 percent in 2017, more than double the gain for the broader S&P 500.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.40 percent from 2.42 percent. Lower bond yields mean lower interest rates, and those reduce the profits banks can make from lending.

Investors snapped up high-dividend utilities and real estate investment trusts as bond yields fell. Exelon picked up 34 cents to $36.30 and Consolidated Edison gained 77 cents, or 1 percent, to $78.11. Utilities are the best-performing part of the S&P 500 over the last month.

Nike reported slightly disappointing third-quarter sales, and its forecasts for the current period displeased investors as well. Nike’s stock fell $4.09, or 7.1 percent, to $53.92, its biggest loss since June 2012. Nike is up this year but hasn’t recovered from a 19 percent tumble in 2016. Investors have worried about Nike’s intense competition with rivals Under Armour and Adidas.

While shipping company Fedex didn’t have a great holiday season, its revenue was a bit better than expected and analysts said they think its business is going to improve. Its stock rose $4.08, or 2.1 percent, to $195.92. Railroad and airplane companies also climbed.

Oil prices continued to fall after the U.S. government said fuel stockpiles grew more than expected last week. U.S. crude lost 20 cents to $48.04 a barrel in New York. Brent crude, used to price international oils, fell 32 cents to $50.64 a barrel in London.